Finance Minister Ishaq Dar leaves for US to attend important meetings

Finance Minister Ishaq Dar leaves for US to attend important meetings

ISLAMABAD – Federal Finance Minister Ishaq Dar left for a visit to the United States to attend important meetings on Tuesday, the finance ministry said.

Dar will attend the annual meetings of the International Monetary Fund (IMF) and the World Bank. He is also likely to meet with the IMF and World Bank officials separately.

The finance minister’s visit comes as Pakistan deals with the aftermath of the devastating floods which have affected nearly 33 million people and displaced 7.9m.

Dar on Monday said that the ninth review with the IMF was scheduled for October 25 and ruled out any consideration for renegotiating the IMF agreement when it was in the last leg of its completion.

He also shared that Pakistan was seeking a rescheduling of bilateral debt, which now stands at around $27 billion. However, he ruled out rescheduling of international debt from wealthy western nations under Paris Club, multilaterals and international sovereign bonds.

The World Bank has forecast Pakistan’s economic growth rate at 2pc this year and warned that 2.5 to 4pc of the population or about 10m people could fall below the poverty line owing to the combined impact of devastating floods and historic inflation.

Last month, the government had reduced the prices of all petroleum products for the next fortnight by around 5pc.